BALA CYNWYD, Pa., Aug. 4, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Middle District of Florida on behalf of all purchasers of the common stock of Catalina Marketing Corporation ("Catalina" or the "Company") (NYSE:POS) from January 17, 2002 through June 30, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing numerous positive statements concerning the Company's ability to grow its revenues and earnings at a rapid pace and the strong demand that existed for the Company's products, especially at its Health Resource division. In truth and in fact, however, the Company was experiencing a slowdown in its revenue growth because its pharmaceutical clients had curtailed their spending on promotional items, such as the Company's newsletters, and retail pharmacies had become more cautious about participating in the Company's advertising programs and had reduced their distribution of the Company's health newsletters. When these facts were belatedly disclosed by the Company on October 1, 2002, the price of Catalina common stock fell from $27.97 per share to close at $17.90 per share -- a drop of 36% -- on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.
If you are a member of the class described above, you may, not later than September 29, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca